Cazaly Resources is certainly not one to rest on its laurels, potentially extending its footprint over the Kunene Cobalt Province in northern Namibia where it has picked up the Kaoko Kobalt project.
The ASX-listed explorer – which can now earn a 95% stake after completed the acquisition of holding company Kunene North Pty Ltd – has now applied for two new exploration prospecting licences which adjoin the existing Kaoko Kobalt licence.
If granted, the two new applications will greatly increase the Company’s land position in the region from 225km2 to 350km2.
Importantly, the licences will extend coverage of the copper-cobalt prospective Dolomite Ore Formation (DOF) horizon to over 80km.
The Kaoko Kobalt project abuts Celsius Resources Limited’s (ASX:CLA) Opuwo Cobalt project and hosts the probable continuation of the Opuwo cobalt-copper bearing Dolomite Ore Formation (DOF) horizon.
The project is located in northern Namibia approximately 800km by road from the capital of Windhoek and approximately 750km from port.
Investors welcomed the news with the stock gaining 0.3c or 5 per cent to 6c in morning trade.
